Mutual fund sales are recovering their momentum after a shaky first quarter, as investors show renewed interest in value-oriented funds.

"We are starting to see more value," said Ed Hipp, the president of Centura Securities in Rocky Mount, N.C., the brokerage arm of Centura Bancorp. "We've been saying, 'Don't keep chasing the big-cap names. Look for value in mid- and small-cap.'"

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